The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
Business: The Purpose of a Business
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The Purpose of Business
As society changes, so do business. By considering a business’s true nature, the
relationship between clients and the company can be fostered and maintained. It also could be
evaluating the stakeholders as well as the shareholders in the business. It is, however, crucial
for someone in any business to ask themselves what is important, what they value most and
what can be done to reflect this in the industry. This brings into considerations aspects like
marketing, financing as well as operations to bring experience and growth to a business or a
company. It should be clear if the primary purpose is to make the owners profits or to create
opportunities, otherwise the main purpose of a business is to create customers, as according
to Sutherland and Canwell (2004, p. 27 – 31).
Business globalization has a profound impact on society, the environment, and the
entrepreneur. In as much as it offers opportunities, it also has affected our environment.
Business ought to take the leadership role in improving social and environmental conditions.
Their profits measure successful companies, but there are other ways to measure the success
and the main objectives of a company.
Economy usually thrives well where most businesses are thriving and very diversified,
claims Stephenson (2008, p. 113 – 115). Most of the companies are perceived to be successful
when they are earning profits. As the business it trying to achieve more success, other
objectives may arise which aids to test if the companies are concerned only in making profits.
Such goals include growth, business response to environmental and social responsibilities.
As the world changes with many various aspects that come with globalization, an
entrepreneur ought to think about the different purposes of his business to his community and
the environment, and what better ways to fulfill the purpose for its value.
Business is a vehicle to make profits or decide the life one will live. But most
importantly, it is there to create opportunities and the need for an objective function. A
business, unless it is an online business, needs a physical location, which might be stores, a
shed, or an office in which it can operate. It requires an idea that is in form of a service or a
product that can solve a problem or make life better for those using the services. Those
providing the services need to be healthy and able to perform the tasks their roles require.
This means that all these factors need to be considered and the people involved well taken
care of according to Khanchi (2014, p. 33).
As employees all share the same purpose when in business, they have to align their
activities towards the intended objectives, asserts Khanchi (2014, p. 113 – 116). But for this
to be so, they need security during their tenure, benefits and incentives as well as secure
environments. This makes them work better towards achieving their goal as well as to serve
better the clients who are the business’s driving force. The same goes for the environment in
which they operate. The surroundings not only need to be clean, but well maintained. Waste
needs to be disposed of responsibly and the ecosystem preserved. As for the customers,
giving them the best on quality and services and products not only makes them come back,
but they become loyal customers, often referring their friends and family to this business.
Not only do the clients and workers need to be considered, but the manufacturers and
suppliers as well. What this requires is that a business pays for goods gotten and those that
are to be paid in installments then ought to be cleared. Accumulating debt on the businesses
side is bad for business, the brand as well as those supplying the goods. To avert such
situations or a company taking these risks, it is better for a business only to take what it
needs. Also paying early or on the specified time is also an excellent approach to maintaining
the relationship. In the end, the suppliers can at times give items on credit as the relationship
has built trust and reliability affirms Sutherland and Canwell (2004, p. 213 – 220).
As one is in business to cater to the needs of the society, it means being able to care for the
people involved and the environment being used. This forms a cyclic reaction where people
are drawn to a business that minds everybody including the environment. When Mark of
Marks and Spenser decided to make employees feel what clients see and feel when they
walked into their store, one employee fainted. When asked what the problem might be, she
explained that her husband was unemployed and they did not have much to eat. This made
Mark come up with a solution to care for his employees and decided on having nutritious
meals prepared for them at a fair price. This meant employees had the energy needed to work
throughout the day and better serve the customers. As Stephenson (2008, p. 103 – 112)
claimed, his reasoning saw the company cater to the employee’s health and fitness as well as
making extra income from what was generated when lunch was sold.
The second objective is evident when a business fights for a sustainable living, affirms
Khanchi (2014, p. 230 – 232). Passion in improving the lives of people can be the main
reason why a business can stand for long as people realize the higher value to their wellbeing.
Workers can be educated on how to manage and run their roles in a company. Development
programs and training makes the employees better at what they do and as individuals in any
A business must also ensure that they eliminate waste responsibly and efficiently. It does
not make sense having a business near an island of dirt and filth. Customers will not want
anything to do with that place, and most will ignore the fact that there is a business. But one
where the environment is clean and well maintained will have more customers. This
translates to businesses knowing where to dispose of their waste.
Community development is another thing where business plays an important role. But the
question should be ‘how can I as a business help this community?’ For this to be successful
one needs to know what is currently working for the people and the community, and work on
making it better. A study from a Harvard reminds us that it is better to lean into our
relationships and build a community, rather than lean in our money and ourselves.
Stephenson (2008, p. 105) agrees that the advantage of this is that starting from where people
are and trying to help them reach where they are going makes the solution quickly
achievable. As some poor communities are affected, they have lived most of their lives
knowing that they cannot be helped and neither can they be of help. Educating or maybe even
training them will change their mind map to a more positive one as they tend to realize what
is their strengths and what can work or them.
This takes us to reduced poverty levels. A business will empower all those connected to it.
And even if not, suppose an employee was fired, or the industry collapsed, they can use the
skills gained to make a name for themselves. The skills, learning, and training that goes into a
business mean that the main aim is to transform the human being into a more productive and
efficient human being who can think and act independently with their future in mind. This,
according to Khanchi (2014, p. 220) reduces poverty levels as one realizes the potential they
have or the future the industry has.
Lastly, businesses are in place because an idea was actualized. The creativity aspect was
merged with how well the realized idea will flourish. Wanting to prosper becomes excellent,
and the feeling of giving back t the community can often be a driving factor why
entrepreneurs do not give up. What adds to their need for business success is the amount of
time, energy and resources put into making the idea realized. The creative process brings the
thrill to the business, as it is the foundation.
As a means to better use the resources acquired, an entrepreneur will focus on an area
that needs his skills and abilities and yet needs to be worked on or needs a better solution.
This means that ways will be found to solve the problem within the society using his tools,
resources and time. The risk taken to start the business involves the focus on solving the
problem was greater than the required resources. And this is the reason why a budding
entrepreneur will use what they have to get to where they want to go, but that does not mean
wasting resources just because a business could not run.
As for many events in life, people plan and strategically take the required action. This
planning process puts into consideration funds, employees, the organization’s missions and
objectives. In as much as they earn a living, a business will eventually mature and give birth
to more revenues and even more companies. The amount of funding required cannot be
compared to the investments that the business will harvest during the mature period.
Businesses do not have to be complicated or to have a lot of money when starting.
Another way businesses can be a means to better investments is by becoming a silent
investor is someone else’s business. It could also be finding a start-up that offers great
potential. The problem with this, however, is that the other person is in control.
For a business to make the investment, some factors have to be considered. The products
sold ought to be trendy and in fashion. It has to be something relatable and of importance in
the market. The company has to be scalable meaning that it must have the potential to grow
as agreed upon by Sutherland and Canwell (2004, p. 303). For those who opt to become a
silent partner, going for a business over five years old will do more good. It is proven that
close to 95% of the businesses fail within the first five years. If not so, another safe
investment would be going for a start up with the potential to grow.
Anyone in business is there because they feel good doing it, according to Rimanoczy in
“What is the Purpose of a Business”. There is no need to do something that is forced upon or
something that is not interesting. Most of these times, it could be someone building upon a
hobby and deciding to find purpose in doing it as a service. Or maybe someone saw the need
for a product in the market. Whatever the reason is, people in business associate with it as an
actual dream or some form of goal they wanted to achieve. In doing so, customers are found,
the market is realized, and the product sells. This, according to Khanchi (2014, p. 66)
eventually leads to profits, which come after the business is long started.
It does not necessarily have to be about the profits but more about what is fulfilling. This
applies to the entrepreneur and what he thinks might benefit society. With this, dreams are
realized, opportunities discovered and the society grows. When this happens, the business is
not left out as it played a major role in the development of a community. The environment is
also protected and the ecosystem maintained because normally, a business ought to care for
its environment. As it is fulfilling to watch a society grow or benefit from a service or
product, it is also a source of joy. It is better if it is a source of joy to the employees too
because they play a major role in running the business. In the end, the added advantage is that
profits are made.
Khanchi, S. 2014. Business Economics- Meaning, Nature, Scope and Significance.
Macmillan Company of India Ltd: Delhi
Rimanoczy Isabel. “What is the purpose of a Business?” Huffpost,Verizon Media, 21
Stephenson, J. 2008. Ultimate Home based Business Handbook, Entrepreneur Press: CA.
Sutherland, J. & Canwell, D. 2004. Key concepts in Business Practice. Basingstoke: Palgrave
“Why business must harness the power of purpose”. EY Global, 26th
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